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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 02, 2024

TURNING POINT BRANDS, INC.
(Exact name of registrant as specified in its charter)

Delaware
001-37763
20-0709285
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

5201 Interchange Way, Louisville, KY
  
40229
(Address of principal executive offices)
  
(Zip Code)

Registrant’s telephone number, including area code: (502) 778-4421
N/A
(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
TPB
New York Stock Exchange

Check the appropriate box below if the Form 8–K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
Emerging growth company   ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐


Item 2.02.
Results of Operations and Financial Condition.

On May 02, 2024, Turning Point Brands, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K and the Exhibit attached hereto shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  Such information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.

Item 7.01.
Regulation FD Disclosure.
 
On May 02, 2024, the Company posted an investor presentation with supplemental information for the quarter ended March 31, 2024 to the investor relations section of its website at the following link https://www.turningpointbrands.com/investor-relations/events-and-presentations.
 
The information furnished under Item 7.01 of this Current Report on Form 8-K, including the referenced investor presentation, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01.
Financial Statements and Exhibits.

(d)
Exhibits


Press Release dated May 02, 2024
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
TURNING POINT BRANDS, INC.
  
     
Dated: May 02, 2024
By:
  /s/ Brittani N. Cushman
  
   
Brittani N. Cushman
  
   
Senior Vice President, General Counsel and Secretary
  


EX-99.1 2 ef20028244_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


Turning Point Brands Announces First Quarter 2024 Results

-Q1 2024 Adjusted EBITDA of $25.3 million, up 22% over prior year
- Net Sales for Q1 2024 Zig-Zag and Stoker’s Products Increased 10% Year-Over-Year
-Company reaffirms full-year 2024 adjusted EBITDA guidance of $95 to $100 million.

LOUISVILLE, KY – May 2, 2024 – Turning Point Brands, Inc. (“TPB” or “the Company”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative smoking accessories and consumables with active ingredients, announced today financial results for the first quarter ended March 31, 2024.

Q1 2024 vs. Q1 2023


 •
Total consolidated net sales decreased 3.9% to $97.1 million

o
Zig-Zag Products net sales increased by 11.5%

o
Stoker’s Products net sales increased by 8.0%

o
Creative Distribution Solutions net sales decreased by 44.9%

•
Gross profit increased 6.8% to $51.9 million

•
Net income increased 58.1% to $12.0 million

•
Adjusted net income increased 29.8% to $15.4 million (see Schedule B for a reconciliation to net income)

•
Adjusted EBITDA increased 21.6% to $25.3 million (see Schedule A for a reconciliation to net income)

•
Diluted EPS of $0.63 and Adjusted Diluted EPS of $0.80 compared to $0.41 and $0.62 in the same period one year ago, respectively (see Schedule B for a reconciliation to Diluted EPS)

Graham Purdy, President and CEO, commented: “We are encouraged by our first quarter results. We believe the execution of our strategy has Zig-Zag back on a sustainable growth trajectory; Stoker’s continued to grow and improved its market share; and the national launch of our FRE Modern Oral product is off to a good start.”

Zig-Zag Products Segment (48% of total net sales in the quarter)

For the first quarter, Zig-Zag Products net sales increased 11.5% to $46.7 million. The Alternative business saw strong growth in the quarter complemented by modest growth in US Papers and Wraps partially offset by Clipper sales declines against prior year trade load.

For the quarter, the Zig-Zag Products segment gross profit increased 23.0% to $27.5 million. Gross margin increased 550 basis points to 59.0% driven primarily by product mix.

“We were encouraged by the outsized performance of the alternative channel in the quarter,” said Purdy. “Our ongoing efforts continue to demonstrate progress toward sustainably growing the Zig-Zag brand.”

Stoker’s Products Segment (38% of total net sales in the quarter)

For the first quarter, Stoker’s Products net sales increased 8.0% to $36.4 million on mid-single-digit growth of MST and triple-digit growth off a low base for our Modern Oral product FRE partially offset by mid-single-digit decline in loose-leaf chewing tobacco. For the first quarter, total Stoker’s Products segment volume increased 0.1%, while price / mix increased 7.9%.


For the quarter, the Stoker’s Products segment gross profit increased 6.9% to $20.8 million. Gross margin contracted 60 basis points to 57.2%.

Performance Measures in the First Quarter

First quarter consolidated selling, general and administrative (“SG&A”) expenses were $32.6 million compared to $30.8 million in the first quarter of 2023.

The first quarter SG&A included the following notable items:


 •
$1.3 million of accrued legal and severance costs;

•
$2.1 million of stock compensation expense compared to $0.7 million in the year-ago period; and

•
$0.8 million of FDA PMTA-related expenses for modern oral products compared to $0.2 million in the year-ago period.

Total gross debt as of March 31, 2024 was $368.5 million. Net debt (total gross debt less unrestricted cash) at March 31, 2023 was $237.6 million. The Company ended the quarter with total liquidity of $189.9 million, comprised of $130.9 million in cash and $59.0 million of asset backed revolving credit facility capacity.

During the quarter, the Company re-purchased 72,545 shares at a cost of $2.1 million.

2024 Outlook

The Company is maintaining its previous expectation of full-year 2024 adjusted EBITDA of $95 to $100 million.

Creative Distribution Solutions (“CDS”) (14% of total net sales in the quarter)

For the first quarter, CDS net sales were $14.0 million, gross profit was $3.6 million, and gross margin was 25.4%.

Earnings Conference Call

As previously disclosed, a conference call with the investment community to review TPB’s financial results has been scheduled for 10:00 a.m. Eastern on Thursday, May 2, 2024. Investment community participants should dial in 10 minutes ahead of time using the toll-free number (888) 330-2502 (international participants should call (240) 789-2713 and follow the audio prompts after typing in the event ID: 6640134. A live listen-only webcast of the call will be available on the Events and Presentations section of the investor relations portion of the Company website (www.turningpointbrands.com). A replay of the webcast will be available on the site two hours following the call.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release includes certain non-GAAP financial measures including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Adjusted Operating Income (Loss). A reconciliation of these non-GAAP financial measures accompanies this release.

2
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
About Turning Point Brands, Inc.

Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products including alternative smoking accessories and consumables with active ingredients through its iconic Zig-Zag® and Stoker’s® brands. TPB’s products are available in more than 215,000 retail outlets in North America, and on sites such as www.zigzag.com. For the latest news and information about TPB and its brands, please visit www.turningpointbrands.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by TPB in this press release, its reports filed with the Securities and Exchange Commission (the “SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for TPB to predict or identify all such events or how they may affect it. TPB has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included it the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Investor Contacts

Turning Point Brands, Inc.
ir@tpbi.com

Financial Statements Follow:

3
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Turning Point Brands, Inc.
Consolidated Statements of Income
(dollars in thousands except share data)
(unaudited)

   
Three Months Ended March 31,
  
   
2024
    
2023
  
Net sales
  
$
97,058
    
$
100,956
  
Cost of sales
    
45,146
      
52,339
  
Gross profit
    
51,912
      
48,617
  
Selling, general, and administrative expenses
    
32,646
      
30,775
  
Operating income
    
19,266
      
17,842
  
Interest expense, net
    
3,479
      
4,010
  
Investment (gain) loss
    
(119
)
    
4,799
  
Gain on extinguishment of debt
    
-
      
(777
)
Income before income taxes
    
15,906
      
9,810
  
Income tax expense
    
3,727
      
2,468
  
Consolidated net income
    
12,179
      
7,342
  
Net income (loss) attributable to non-controlling interest
    
169
      
(255
)
Net income attributable to Turning Point Brands, Inc.
  
$
12,010
    
$
7,597
  
                 
Basic income per common share: Net income attributable to Turning Point Brands, Inc.
  
$
0.68
    
$
0.43
  
Diluted income per common share: Net income attributable to Turning Point Brands, Inc.
  
$
0.63
    
$
0.41
  
Weighted average common shares outstanding:
                
Basic
    
17,654,684
      
17,531,414
  
Diluted
    
20,170,314
      
20,669,152
  
                 
Supplemental disclosures of statements of income information:
                
Excise tax expense
  
$
5,190
    
$
5,024
  
FDA fees
  
$
149
    
$
195
  

4
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Turning Point Brands, Inc.
Consolidated Balance Sheets
(dollars in thousands except share data)

ASSETS
  
(unaudited)
March 31,
2024
    
December 31,
2023
  
Current assets:
            
Cash
  
$
130,903
    
$
117,886
  
Accounts receivable, net of allowances of $43 in 2024 and $78 in 2023
    
8,198
      
9,989
  
Inventories, net
    
105,467
      
98,960
  
Other current assets
    
34,437
      
40,781
  
Total current assets
    
279,005
      
267,616
  
Property, plant, and equipment, net
    
24,790
      
25,300
  
Deferred income taxes
    
1,426
      
1,468
  
Right of use assets
    
10,868
      
11,480
  
Deferred financing costs, net
    
2,305
      
2,450
  
Goodwill
    
136,365
      
136,250
  
Other intangible assets, net
    
80,177
      
80,942
  
Master Settlement Agreement (MSA) escrow deposits
    
28,427
      
28,684
  
Other assets
    
22,953
      
15,166
  
Total assets
  
$
586,316
    
$
569,356
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Current liabilities:
                
Accounts payable
  
$
18,934
    
$
8,407
  
Accrued liabilities
    
30,974
      
33,635
  
Current portion of long-term debt
    
59,397
      
58,294
  
Total current liabilities
    
109,305
      
100,336
  
Notes payable and long-term debt
    
306,496
      
307,064
  
Lease liabilities
    
9,360
      
9,950
  
Total liabilities
    
425,161
      
417,350
  
                 
Commitments and contingencies
                
                 
Stockholders' equity:
                
Preferred stock; $0.01 par value; authorized shares 40,000,000; issued and outstanding shares -0-
    
-
      
-
  
Common stock, voting, $0.01 par value; authorized shares, 190,000,000; 20,016,822 issued shares and 17,627,817 outstanding shares at March 31, 2024, and 19,922,137 issued shares and 17,605,677 outstanding shares at December 31, 2023
    
200
      
199
  
Common stock, nonvoting, $0.01 par value; authorized shares, 10,000,000; issued and outstanding shares -0-
    
-
      
-
  
Additional paid-in capital
    
119,792
      
119,075
  
Cost of repurchased common stock (2,389,005 shares at March 31, 2024, and 2,316,460 shares at December 31, 2023)
    
(80,172
)
    
(78,093
)
Accumulated other comprehensive loss
    
(3,048
)
    
(2,648
)
Accumulated earnings
    
123,192
      
112,443
  
Non-controlling interest
    
1,191
      
1,030
  
Total stockholders' equity
    
161,155
      
152,006
  
Total liabilities and stockholders' equity
  
$
586,316
    
$
569,356
  

5
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Turning Point Brands, Inc.
Consolidated Statements of Cash Flows
(dollars in thousands)
(unaudited)

   
Three Months Ended March 31,
  
   
2024
    
2023
  
Cash flows from operating activities:
            
Consolidated net income
  
$
12,179
    
$
7,342
  
Adjustments to reconcile net income to net cash provided by operating activities:
                
Gain on extinguishment of debt
    
-
      
(777
)
Loss (gain) on sale of property, plant, and equipment
    
1
      
(6
)
Gain on MSA investments
    
6
      
-
  
Depreciation and other amortization expense
    
944
      
776
  
Amortization of other intangible assets
    
779
      
771
  
Amortization of deferred financing costs
    
696
      
626
  
Deferred income tax expense
    
114
      
299
  
Stock compensation expense
    
2,062
      
743
  
Noncash lease income
    
(42
)
    
(14
)
Loss on investments
    
-
      
4,897
  
Changes in operating assets and liabilities:
                
Accounts receivable
    
1,929
      
(216
)
Inventories
    
(6,296
)
    
6,173
  
Other current assets
    
3,130
      
2,639
  
Other assets
    
(270
)
    
(2,895
)
Accounts payable
    
10,525
      
2,051
  
Accrued liabilities and other
    
(3,118
)
    
(7,025
)
Net cash provided by operating activities
  
$
22,639
    
$
15,384
  
                 
Cash flows from investing activities:
                
Capital expenditures
  
$
(366
)
  
$
(2,435
)
Purchases of investments
    
(7,119
)
    
-
  
Purchases of non-marketable equity investments
    
(500
)
    
-
  
Restricted cash, MSA escrow deposits
    
(1
)
    
-
  
Proceeds on the sale of property, plant and equipment
    
-
      
3
  
Net cash used in investing activities
  
$
(7,986
)
  
$
(2,432
)
                 
Cash flows from financing activities:
                
Convertible Senior Notes repurchased
  
$
-
    
$
(13,002
)
Proceeds from call options
    
-
      
33
  
Payment of dividends
    
(1,149
)
    
(1,052
)
Exercise of options
    
3
      
357
  
Redemption of restricted stock units
    
(136
)
    
-
  
Redemption of performance based restricted stock units
    
(1,212
)
    
(889
)
Common stock repurchased
    
(2,079
)
    
-
  
Net cash used in financing activities
  
$
(4,573
)
  
$
(14,553
)
                 
Net decrease in cash
  
$
10,080
    
$
(1,601
)
Effect of foreign currency translation on cash
  
$
(58
)
  
$
(1
)
                 
Cash, beginning of period:
                
Unrestricted
  
$
117,886
    
$
106,403
  
Restricted
    
4,929
      
4,929
  
Total cash at beginning of period
  
$
122,815
    
$
111,332
  
                 
Cash, end of period:
                
Unrestricted
  
$
130,903
    
$
104,801
  
Restricted
    
1,934
      
4,929
  
Total cash at end of period
  
$
132,837
    
$
109,730
  

6
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Non-GAAP Financial Measures

To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use non-U.S. GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income (Loss). We believe Adjusted EBITDA provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income (Loss) are used by management to compare our performance to that of prior periods for trend analyses and planning purposes and are presented to our board of directors. We believe that EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income (Loss) are appropriate measures of operating performance because they eliminate the impact of expenses that do not relate to business performance.

We define “EBITDA” as net income before interest expense, gain (loss) on extinguishment of debt, provision for income taxes, depreciation and amortization. We define “Adjusted EBITDA” as net income before interest expense, loss on extinguishment of debt, provision for income taxes, depreciation, amortization, other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define “Adjusted Net Income” as net income excluding items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define “Adjusted Diluted EPS” as diluted earnings per share excluding items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define “Adjusted Operating Income (Loss)” as operating income excluding other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance.

Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. EBITDA, Adjusted Net Income, Adjusted EBITDA Adjusted Diluted EPS, and Adjusted Operating Income (Loss) exclude significant expenses that are required by U.S. GAAP to be recorded in our financial statements and is subject to inherent limitations. In addition, other companies in our industry may calculate this non-U.S. GAAP measure differently than we do or may not calculate it at all, limiting its usefulness as a comparative measure.

In accordance with SEC rules, we have provided, in the supplemental information attached, a reconciliation of the non-GAAP measures to the next directly comparable GAAP measures.

7
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Schedule A

Turning Point Brands, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(dollars in thousands)
(unaudited)

   
Three Months Ended
March 31,
  
   
2024
    
2023
  
Net income attributable to Turning Point Brands, Inc.
  
$
12,010
    
$
7,597
  
Add:
                
Interest expense, net
    
3,479
      
4,010
  
Gain on extinguishment of debt
    
-
      
(777
)
Income tax expense
    
3,727
      
2,468
  
Depreciation expense
    
837
      
776
  
Amortization expense
    
886
      
771
  
EBITDA
  
$
20,939
    
$
14,845
  
Components of Adjusted EBITDA
                
Corporate and CDS restructuring (a)
    
1,261
      
-
  
ERP/CRM (b)
    
138
      
138
  
Stock options, restricted stock, and incentives expense (c)
    
2,062
      
743
  
Transactional expenses (d)
    
30
      
4
  
FDA PMTA (e)
    
841
      
158
  
Non-cash asset impairment (f)
    
-
      
4,897
  
Adjusted EBITDA
  
$
25,271
    
$
20,785
  

(a)
Represents costs associated with corporate and CDS restructuring, including severance.
(b)
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses.
(c)
Represents non-cash stock options, restricted stock, incentives expense and Solace performance stock units.
(d)
Represents the fees incurred for transaction expenses.
(e)
Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA").
(f)
Represents impairment of investment assets.

8
Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com
Reconciliation of GAAP Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS                                            
(dollars in thousands except share data)                 

(unaudited)
  
Three Months Ended
March 31, 2024
      
Three Months Ended
March 31, 2023
  
     
 
  
Net Income
    
Diluted EPS
    
Net Income
    
Diluted EPS
  
GAAP EPS
  
$
12,010
    
$
0.63
    
$
7,597
    
$
0.41
  
Gain on extinguishment of debt (a)
    
-
      
-
      
(582
)
    
(0.03
)
Corporate restructuring (b)
    
966
      
0.05
      
-
      
-
  
ERP/CRM (c)
    
106
      
0.01
      
103
      
0.00
  
Stock options, restricted stock, and incentives expense (d)
    
1,579
      
0.08
      
556
      
0.03
  
Transactional expenses (e)
    
23
      
0.00
      
3
      
0.00
  
FDA PMTA (f)
    
644
      
0.03
      
118
      
0.01
  
Non-cash asset impairment (g)
    
-
      
-
      
3,665
      
0.18
  
Tax benefit (h)
    
93
      
0.00
      
415
      
0.02
  
Adjusted
  
$
15,421
    
$
0.80
    
$
11,876
    
$
0.62
  
 
Totals may not foot due to rounding

(a)
Represents gain on extinguishment of debt tax effected at the quarterly tax rate.
(b)
Represents costs associated with corporate and CDS restructuring, including severance tax effected at the quarterly tax rate.
(c)
Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses tax effected at the quarterly tax rate.
(d)
Represents non-cash stock options, restricted stock, incentives expense and Solace PRSUs tax effected at the quarterly tax rate.
(e)
Represents the fees incurred for transaction expenses tax effected at the quarterly tax rate.
(f)
Represents costs associated with applications related to the FDA PMTA tax effected at the quarterly tax rate.
(g)
Represents impairment of investment assets tax effected at the quarterly tax rate.
(h)
Represents adjustment from quarterly tax rate to annual projected tax rate of 23% in 2024 and 2023.

Schedule C                                                                                                                                                                     
                                                                                                                                                                      
Turning Point Brands, Inc.                         
Reconciliation of GAAP Operating Income (Loss) to Adjusted Operating Income (Loss)                                                                                                                                    
(dollars in thousands)                         
(unaudited)                         

 
  
Consolidated
    
Zig-Zag Products
    
Stoker's Products
    
Creative Distribution Solutions
  
 
  
1st Quarter
2024
    
1st Quarter
2023
    
1st Quarter
2024
    
1st Quarter
2023
    
1st Quarter
2024
    
1st Quarter
2023
    
1st Quarter
2024
    
1st Quarter
2023
  
 
                                
Net sales
  
$
97,058
    
$
100,956
    
$
46,697
    
$
41,887
    
$
36,367
    
$
33,662
    
$
13,994
    
$
25,407
  
 
                                                                
Gross profit
  
$
51,912
    
$
48,617
    
$
27,538
    
$
22,390
    
$
20,815
    
$
19,465
    
$
3,559
    
$
6,762
  
 
                                                                
Operating income (loss)
  
$
19,266
    
$
17,842
    
$
18,000
    
$
13,641
    
$
15,396
    
$
14,563
    
$
(3
)
  
$
261
  
Adjustments:
                                                                
 Corporate restructuring
    
1,261
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
 ERP/CRM
    
138
      
138
      
-
      
-
      
-
      
-
      
-
      
-
  
 Transactional expenses
    
30
      
4
      
-
      
-
      
-
      
-
      
-
      
-
  
  FDA PMTA
    
841
      
158
      
-
      
-
      
-
      
-
      
-
      
-
  
Adjusted operating income (loss)
  
$
21,536
    
$
18,142
    
$
18,000
    
$
13,641
    
$
15,396
    
$
14,563
    
$
(3
)
  
$
261
  


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Turning Point Brands, Inc. | www.turningpointbrands.com | ir@tpbi.com